This looks like a very good point to buy Silver X Mining Corp. (AGX:TSX.V) after a long corrective phase that has resulted in it arriving at strong support in an oversold state with two drivers for renewed advance being the completion of the recent sizeable financing at 30 cents, which is expected to be announced soon, and silver turning higher again after its correction back from its April – May highs.
The fact that the price is now 4 cents below the price of the share offering obviously makes it even more attractive.
On the latest 6-month chart, we can see how the lengthy intermediate downtrend from the early April high at almost CA$0.47 looks like it has run its course as it has brought the price down to a zone of strong support whose origins we can see on longer-term charts which it has arrived at in a substantially oversold state.
Bullish factors to observe are how volume has declined to a relatively low level which shows the lack of interest characteristic of a bottom, the Accumulation line holding up well overall relative to price, the price well below a still rising 200-day moving average, which is a measure of how oversold it is, and how the MACD has been creeping higher all this month as downside momentum drops out and it is now above its moving average which further suggests upside action soon.
So, in short, this looks like a very good point to buy Silver X. Anyone holding should stay long, and it is rated a Strong Speculative Buy here.
Silver X Mining's website.
Silver X Mining Corp. closed at CA$0.26, $0.198 on June 23, 2023.
Originally published on clivemaund.com on June 26, 2023, at 8:15 am EDT.
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Important Disclosures:
- Silver X Mining Corp. is an affiliate of and has a consulting relationship with Streetwise Reports and has paid a consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver X Mining Corp.
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CliveMaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
